Published on 1/7/2015 in the Prospect News Investment Grade Daily.
New Issue: Air Lease prices upsized $600 million 3.75% notes at 210 bps spread
By Aleesia Forni
Virginia Beach, Jan. 7 – Air Lease Corp. priced an upsized $600 million of 3.75% seven-year senior notes (/BBB-/) at Treasuries plus 210 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of talk.
Pricing was at 99.289 to yield 3.866%.
The offering was upsized from $500 million.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., Goldman Sachs & Co., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used general corporate purposes, which may include the purchase of commercial aircraft and the repayment of debt.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
|
| Amount: | $600 million, upsized from $500 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 1, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Fifth Third Securities Inc., Goldman Sachs & Co., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Coupon: | 3.75%
|
| Price: | 99.289
|
| Yield: | 3.866%
|
| Spread: | 210 bps over Treasuries
|
| Make-whole call: | Treasuries plus 35 bps prior to Dec. 1, 2021, then callable at par
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 14
|
| Rating: | Standard & Poor’s: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | 215 bps area, tightened from 220 bps to 225 bps
|
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